SCHEDULE A TO THE EXPENSE LIMITATION AGREEMENT FOR CERTAIN SERIES OF ALLIANZ FUNDS MULTI-STRATEGY TRUST Revised as of July 1, 2013 New Funds

SCHEDULE A

TO THE EXPENSE LIMITATION AGREEMENT FOR
CERTAIN SERIES OF ALLIANZ FUNDS MULTI-STRATEGY TRUST

Revised as of July 1, 2013

New Funds

		Expense Limitation		Recoupment Period
Fund Name		Expiration Date		Expiration Date
AllianzGI Behavioral Advantage Large Cap Fund		03/31/14		11/30/17
AllianzGI China Equity Fund		03/31/14		11/30/17
AllianzGI Convertible Fund**		03/31/14		11/30/17
AllianzGI Disciplined Equity Fund		03/31/14		11/30/17
AllianzGI Dynamic Emerging Multi-Asset Fund		03/31/14		11/30/17
AllianzGI Focused Opportunity Fund**		03/31/14		11/30/17
AllianzGI Global Allocation Fund**		03/31/14		11/30/17
AllianzGI Global Fundamental Strategy Fund		11/30/14		11/30/17
AllianzGI Global Growth Allocation Fund		03/31/14		11/30/17
AllianzGI Global Managed Volatility Fund		03/31/14		11/30/17
AllianzGI Global Water Fund*		03/31/14		11/30/17
AllianzGI High Yield Bond Fund**		03/31/14		11/30/17
AllianzGI International Small-Cap Fund**		03/31/14		11/30/17
AllianzGI Micro Cap Fund**		03/31/14		11/30/17
AllianzGI Multi-Asset Real Return Fund		03/31/14		11/30/17
AllianzGI NFJ Emerging Markets Value Fund		03/31/14		11/30/17
AllianzGI NFJ Global Dividend Value Fund		03/31/14		11/30/17
AllianzGI NFJ International Small-Cap Value Fund		03/31/14		11/30/17
AllianzGI NFJ International Value II Fund		03/31/14		11/30/17
AllianzGI Redwood Fund		03/31/14		11/30/17
AllianzGI Short Duration High Income Fund		03/31/14		11/30/17
AllianzGI Structured Alpha Fund		03/31/14		11/30/17
AllianzGI Ultra Micro Cap Fund**		03/31/14		11/30/17
AllianzGI U.S. Emerging Growth Fund**		03/31/14		11/30/17
AllianzGI U.S. Equity Hedged Fund		03/31/14		11/30/17

*		No expense limitation applied to the AllianzGI Global Water Fund from 12/1/08 through 3/31/10.
**		The waiver period under this Agreement commences as of April 1, 2011 for the noted Funds. Prior to that, the noted New Funds were subject to the terms of separate Expense Limitation Agreements dated April 20, 2009 (for AllianzGI Global Allocation Fund) and March 31, 2010 (for the other noted New Funds). The amount of any recoupment of fees under such prior agreement with respect to a given year shall be deemed to reduce the amount of recoupment payable to the Manager under this Agreement with respect to such year.

[Signature page follows.]

[Schedule A to Expense Limitation Agreement]

IN WITNESS WHEREOF, the Trust and the Manager have each caused this Schedule A to the Expense Limitation Agreement to be signed on its behalf by its duly authorized representative, as of the date first above written.

		ALLIANZ FUNDS MULTI-STRATEGY TRUST
		By: Name:		/s/ Xxxxx X. Xxxxxxxx Xxxxx X. Xxxxxxxx
		Title:		President
		ALLIANZ GLOBAL INVESTORS FUND MANAGEMENT LLC
		By: Name:		/s/ Xxxxx X. Xxxxxxxx Xxxxx X. Xxxxxxxx
		Title:		Managing Director

[Schedule A to Expense Limitation Agreement – Signature Page]